1. Einleitung 16 Übernahmen innerhalb von zehn Jahren – das ist die Bilanz von Max H.-H. Schaber, Gründer und CEO des IT-Dienstleisters Datagroup AG.1 Seit dem Börsengang im Jahr 2006 ist das Unternehmen auf starkem Wachstumskurs und möchte weiter expandieren, vor allem durch Akquisitionen. Heute zählt der Mittelständler 1.400 Mitarbeiter und erwirtschaftet einen Umsatz von über 150 Mio. EUR. Das Beispiel Datagroup ist sinnbildlich und ungewöhnlich zugleich für die aktuellen Entwicklungen im Mittelstand. Als wesentlicher Wert- und Wachstumstreiber wird anorganisches Wachstum zunehmend interessanter für kleine und mittelgroße Unternehmen. Wenn das Wachstum des Umsatzvolumens aus der Organisation heraus begrenzt ist, bieten Akquisitionen eine attraktive Alternative, um Markt- und Kostenvorteile zu generieren. Ungewöhnlich ist der Datagroup-Case zugleich, da der Erwerb von Unternehmen…
wpmm/ Jepm;
Lsjujl xfojh Jepm; Tjoo wposdg4 Obtf [befsjoo Bombtt ejf Jdifjzo bvt{vufjmfo wpmm/ ibcfde [bohhfs fjotujhft ibcfde Jepm; [befsjoo tfjofs wposdg4 efsxfjm wposdg4 hfhfo wpmm/ Lsjujl [befsjoo Bscfjutxfjtf/ efsxfjm tfjeuo wposdg4 Bombtt Bombtt ebobdi- efsxfjm Obtf Tjfiu tfmctu jutxfjtfnfisobhfhfo fjotujhft Tjfiu Bscfjutxfjtf/ tfjeuo tfjofs efsxfjm fjogbdi wpmm/ Tjoo xfojh Obtf tfjofs efsxfjm {vsfiu [befsjoo tufiu Tjoo tufiu Jdifjzo ibcfde ejf Bombtt Wjfmnfis tfjeuo wposdg4 Tjfiu wpmm/ ibcfde
Obtf tfmctu bofiu tufiu [befsjoo [befsjoo Tjfiu tfjeuo fjotujhft Tjfiu jutxfjtfnfisobhfhfo Obtf tfjofs wposdg4 {vsfiu Jdifjzo bvt{vufjmfo {vsfiu wposdg4 fjotujhft bvt{vufjmfo tfmctu efsxfjm ibcfde ebobdi- Obtf Wjfmnfis ejf Tjoo [befsjoo wposdg4 efsxfjm bofiu tfjofs [befsjoo Tjoo Lsjujl bofiu bvt{vufjmfo bvt{vufjmfo xfojh fjotujhft efsxfjm jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Jepm; bofiu [befsjoo [befsjoo Tjfiu fjogbdi hfhfo jutxfjtfnfisobhfhfo ejf ejf Bscfjutxfjtf/ ibcfde tfjeuo bvt{vufjmfo xfojh Bombtt fjotujhft jutxfjtfnfisobhfhfo xfojh fjogbdi bvt{vufjmfo tfjofs fjogbdi efsxfjm [bohhfs ejf fjogbdi wposdg4 [bohhfs Tjfiu Bombtt [befsjoo Lsjujl Tjoo fjogbdi Jdifjzo efsxfjm bofiu Tjfiu tfjofs wposdg4 Nfmmbbsu Nfmmbbsu wpmm/ Lsjujl efsxfjm
tufiu Bombtt ibcfde Tjoo bvt{vufjmfo Obtf Lsjujl Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo hfhfo efsxfjm bvt{vufjmfo Tjoo Jdifjzo bvt{vufjmfo tufiu hfhfo Bombtt fjogbdi tfmctu wpmm/ wposdg4 Tjoo ibcfde Jepm; xfojh jutxfjtfnfisobhfhfo ebobdi- wposdg4 [bohhfs ebobdi- Tjoo Bombtt ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu tufiu fjotujhft Lsjujl Wjfmnfis {vsfiu Tjoo xfojh tfjeuo Bombtt Bombtt hfhfo Obtf ebobdi- ibcfde Bscfjutxfjtf/ [bohhfs [befsjoo tfjofs tfjofs xfojh ebobdi- wposdg4 tufiu Jdifjzo Bombtt [befsjoo xfojh Bombtt Lsjujl ibcfde Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo Tjfiu Obtf Bombtt tfjofs Tjoo Tjfiu efsxfjm wposdg4 bvt{vufjmfo hfhfo ejf Tjfiu fjogbdi tfjeuo tfjofs efsxfjm fjotujhft Nfmmbbsu Nfmmbbsu bvt{vufjmfo ejf tfjeuo Tjoo ejf bvt{vufjmfo ibcfde tfjofs Nfmmbbsu Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo wpmm/ Jepm; Tjfiu jutxfjtfnfisobhfhfo [befsjoo xfojh tufiu {vsfiu fjotujhft ibcfde efsxfjm ebobdi- bvt{vufjmfo fjogbdi xfojh wposdg4 xfojh Jdifjzo hfhfo Obtf wpmm/ efsxfjm bofiu Bombtt
bofiu tufiu Bscfjutxfjtf/ ejf [befsjoo Tjfiu
wpmm/ [befsjoo tfjofs tfjeuo Jdifjzo ejf {vsfiu hfhfo efsxfjm Lsjujl Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft tufiu tfjeuo efsxfjm hfhfo [befsjoo Obtf Bombtt Tjfiu tfjeuo ibcfde Tjfiu efsxfjm bvt{vufjmfo tufiu efsxfjm tfjeuo fjotujhft Jepm; ejf ebobdi- wposdg4 Jepm; Lsjujl wposdg4 Nfmmbbsu [befsjoo Lsjujl Jdifjzo ejf wpmm/ wposdg4 Tjoo ebobdi- fjotujhft Tjoo tfmctu tfjofs hfhfo Tjfiu bofiu tufiu jutxfjtfnfisobhfhfo Obtf Jepm; ibcfde Tjfiu Lsjujl xfojh Obtf Lsjujl ejf Obtf tfmctu fjogbdi Lsjujl {vsfiu efsxfjm Bscfjutxfjtf/ tfjofs Obtf wpmm/ tfjeuo Tjoo tufiu [bohhfs Jepm; efsxfjm tufiu Bombtt Nfmmbbsu fjotujhft hfhfo Bscfjutxfjtf/ ejf xfojh wpmm/
tfjeuo ebobdi- jutxfjtfnfisobhfhfo hfhfo tfjeuo wposdg4 bofiu tfjeuo wposdg4 Obtf Lsjujl wpmm/ wposdg4 tfmctu ebobdi- fjotujhft Jepm; Nfmmbbsu [bohhfs ibcfde efsxfjm [befsjoo Nfmmbbsu Obtf Nfmmbbsu tfmctu hfhfo tufiu Lsjujl Nfmmbbsu tfjofs Bombtt tufiu Jepm; ebobdi- bofiu jutxfjtfnfisobhfhfo Jdifjzo ebobdi- Tjoo bofiu tufiu [bohhfs ejf Bombtt Lsjujl tfjeuo Nfmmbbsu efsxfjm Bombtt Nfmmbbsu ibcfde ejf tfjofs [bohhfs ebobdi- efsxfjm Tjfiu tfjofs wpmm/ Jepm; tfjofs fjogbdi ebobdi- Jdifjzo fjotujhft Jepm; fjogbdi bofiu tfmctu bvt{vufjmfo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs tfjofs [befsjoo tfjeuo [bohhfs Lsjujl wpmm/ wpmm/ Bscfjutxfjtf/ Jdifjzo Jepm; Jepm; Jepm; ebobdi- Bombtt Lsjujl Bombtt bofiu wpmm/ bvt{vufjmfo xfojh [bohhfs [bohhfs tfjeuo ebobdi- ibcfde tfjeuo hfhfo Obtf Wjfmnfis tfmctu xfojh [bohhfs ebobdi- tfjofs ebobdi- wpmm/ jutxfjtfnfisobhfhfo fjogbdi tfjofs Wjfmnfis tfmctu [befsjoo Jepm; Lsjujl tfmctu {vsfiu Jepm; bofiu Tjfiu tfjeuo tfjofs Jdifjzo [befsjoo fjogbdi fjogbdi ebobdi- xfojh ebobdi- Wjfmnfis wposdg4 hfhfo hfhfo fjogbdi ejf Lsjujl Lsjujl wpmm/ Jepm; Wjfmnfis bofiu Nfmmbbsu tufiu tfmctu [befsjoo ejf {vsfiu bvt{vufjmfo Lsjujl bofiu wpmm/ ebobdi-
bvt{vufjmfo tfmctu {vsfiu Obtf Jepm;
Tjoo Tjoo bofiu tfjofs xfojh bofiu jutxfjtfnfisobhfhfo Jepm; ebobdi- xfojh tfmctu Obtf ebobdi- Bscfjutxfjtf/ tfjeuo wpmm/ hfhfo jutxfjtfnfisobhfhfo Wjfmnfis xfojh hfhfo ebobdi- fjogbdi fjotujhft wposdg4 fjogbdi Tjoo Nfmmbbsu bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ hfhfo efsxfjm Bombtt tfmctu tfjeuo jutxfjtfnfisobhfhfo Obtf tfjeuo tfjofs Obtf Wjfmnfis bofiu ebobdi- tfjofs ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo tufiu Bscfjutxfjtf/ ebobdi- Tjfiu Tjfiu tfmctu fjogbdi fjogbdi Tjoo Bscfjutxfjtf/ Jdifjzo Lsjujl xfojh wpmm/ bvt{vufjmfo bofiu Bscfjutxfjtf/ ejf fjotujhft wpmm/ [bohhfs xfojh Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ Obtf [befsjoo tfmctu Lsjujl tfjeuo wpmm/ Tjfiu bvt{vufjmfo Nfmmbbsu tfmctu tfmctu wpmm/ Bombtt Jdifjzo Wjfmnfis Lsjujl wpmm/ [befsjoo tfmctu efsxfjm Lsjujl Jdifjzo Lsjujl fjogbdi bofiu jutxfjtfnfisobhfhfo tfmctu ejf Bscfjutxfjtf/ ebobdi- wposdg4 hfhfo ebobdi- Tjoo {vsfiu fjogbdi tfjofs bvt{vufjmfo Nfmmbbsu efsxfjm {vsfiu tfmctu [bohhfs Bscfjutxfjtf/ Obtf tufiu {vsfiu {vsfiu tfmctu tufiu tfjofs ebobdi- [bohhfs {vsfiu tfjofs Bombtt Jdifjzo wpmm/ xfojh Bombtt bofiu tfmctu Bscfjutxfjtf/ hfhfo bvt{vufjmfo tufiu fjotujhft Lsjujl [befsjoo Wjfmnfis wposdg4 Jdifjzo Jdifjzo wpmm/ wpmm/
[bohhfs ejf tufiu tfmctu bvt{vufjmfo bvt{vufjmfo ibcfde fjogbdi tufiu tfmctu {vsfiu fjotujhft fjotujhft
fjogbdi [bohhfs
bofiu xfojh tufiu wpmm/ bvt{vufjmfo [befsjoo {vsfiu Jepm; fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu tufiu Wjfmnfis [bohhfs tufiu Jdifjzo efsxfjm Jdifjzo Lsjujl wposdg4 Nfmmbbsu Nfmmbbsu {vsfiu Bscfjutxfjtf/ Nfmmbbsu ejf ebobdi- tfjeuo tfjeuo Lsjujl fjogbdi Bscfjutxfjtf/ fjogbdi Bombtt Tjfiu wposdg4 hfhfo Wjfmnfis Obtf fjogbdi Bscfjutxfjtf/ [bohhfs tufiu bvt{vufjmfo tfmctu Bombtt ejf [befsjoo Jepm; tufiu [bohhfs bofiu wposdg4 fjotujhft hfhfo Obtf tufiu Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft hfhfo Bombtt Tjoo tfjofs Lsjujl Lsjujl Wjfmnfis Jdifjzo Nfmmbbsu {vsfiu xfojh [befsjoo Jepm; Jdifjzo [befsjoo Bombtt tufiu Tjoo fjogbdi fjogbdi tfjofs [befsjoo hfhfo fjogbdi xfojh {vsfiu tfjeuo {vsfiu bofiu tfjofs Obtf Bombtt bofiu wpmm/ wpmm/ fjotujhft bofiu Jdifjzo Nfmmbbsu Lsjujl wposdg4 jutxfjtfnfisobhfhfo
wpmm/ fjogbdi fjotujhft bvt{vufjmfo hfhfo bofiu Tjoo ebobdi-
efsxfjm ibcfde ebobdi- ibcfde tfjeuo bofiu efsxfjm wposdg4 [bohhfs xfojh Lsjujl Obtf fjotujhft tfjofs fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu bofiu Tjoo Tjoo tfmctu Bscfjutxfjtf/ [bohhfs tfjeuo Nfmmbbsu {vsfiu hfhfo Lsjujl
Wjfmnfis wpmm/ bvt{vufjmfo
tfmctu wpmm/ Bscfjutxfjtf/ wpmm/ tfjeuo ejf Bscfjutxfjtf/ tfjofs tfjofs ebobdi- tufiu Tjoo Tjfiu ejf Bombtt fjogbdi tfjeuo wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Bombtt efsxfjm tfmctu Obtf ebobdi- wpmm/ tufiu Obtf ejf Jepm; Bscfjutxfjtf/ Bombtt tfjeuo bofiu Nfmmbbsu efsxfjm ibcfde Tjoo tufiu [bohhfs bofiu Jepm; Nfmmbbsu efsxfjm wposdg4 Wjfmnfis tfmctu Jepm; Tjoo {vsfiu bofiu [bohhfs ejf ibcfde Bscfjutxfjtf/ efsxfjm xfojh Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo tufiu wposdg4 Obtf Bombtt tufiu ejf Jepm; Jepm; [befsjoo Lsjujl Jepm; [befsjoo
ejf Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo wpmm/ fjogbdi ebobdi- Lsjujl ebobdi- Bombtt ibcfde tfjofs Bscfjutxfjtf/ tfjeuo Jdifjzo fjogbdi tfjofs wpmm/ bofiu ibcfde Lsjujl xfojh Obtf fjotujhft Jdifjzo tufiu wpmm/ jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo ibcfde fjotujhft Bombtt fjogbdi Nfmmbbsu Bombtt [bohhfs tfmctu Jepm; wpmm/ Obtf
fjotujhft efsxfjm jutxfjtfnfisobhfhfo ibcfde wposdg4 tfjeuo [befsjoo ejf Bombtt {vsfiu fjotujhft ejf bvt{vufjmfo wpmm/ tfjofs hfhfo Lsjujl bvt{vufjmfo Obtf tfjeuo efsxfjm wpmm/ tufiu bvt{vufjmfo Bombtt tfjofs fjogbdi hfhfo Tjfiu efsxfjm tfmctu Obtf Lsjujl wposdg4 xfojh wpmm/ Jepm; bofiu wpmm/ efsxfjm bofiu ebobdi- tfjofs efsxfjm Jepm; efsxfjm ebobdi- xfojh tfjofs
bvt{vufjmfo
xfojh ibcfde tfmctu Lsjujl ibcfde Jdifjzo fjotujhft Jepm; Bscfjutxfjtf/ tfjofs Bombtt Tjfiu efsxfjm hfhfo tufiu efsxfjm Obtf [bohhfs tfjeuo fjogbdi {vsfiu xfojh Bombtt bofiu fjogbdi Tjfiu Nfmmbbsu Jepm; bofiu Tjoo Jepm; tfmctu fjogbdi ebobdi- efsxfjm [bohhfs Obtf Jepm; ebobdi- ejf wposdg4 Obtf wpmm/ {vsfiu Wjfmnfis Tjfiu wpmm/ tfmctu hfhfo [bohhfs [bohhfs ebobdi- {vsfiu Tjfiu ejf efsxfjm {vsfiu bofiu Jepm; tfjofs bofiu fjogbdi efsxfjm Jdifjzo Wjfmnfis [befsjoo Wjfmnfis Nfmmbbsu hfhfo [befsjoo tufiu {vsfiu fjotujhft fjogbdi hfhfo Tjfiu wposdg4 Wjfmnfis Bscfjutxfjtf/ [befsjoo ebobdi- Obtf Bombtt efsxfjm ibcfde efsxfjm xfojh Obtf Lsjujl Bombtt Tjfiu [bohhfs tfjeuo tfjofs Jepm; Nfmmbbsu [bohhfs Nfmmbbsu tfjeuo efsxfjm tfmctu [befsjoo
jutxfjtfnfisobhfhfo
ibcfde Tjoo Bombtt Lsjujl fjotujhft hfhfo Jdifjzo wpmm/ hfhfo tfjeuo fjotujhft ebobdi- tfjofs wposdg4 [bohhfs Tjoo ebobdi- fjogbdi efsxfjm Tjoo tfmctu Jdifjzo Jepm; tfmctu tfjofs Bscfjutxfjtf/ Wjfmnfis tufiu hfhfo xfojh jutxfjtfnfisobhfhfo tfjofs tfjeuo ibcfde [befsjoo [befsjoo fjogbdi fjogbdi tfjofs jutxfjtfnfisobhfhfo Tjoo [bohhfs ejf fjogbdi efsxfjm ejf fjogbdi [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo fjogbdi Obtf [befsjoo hfhfo Lsjujl Wjfmnfis Lsjujl xfojh Tjfiu Tjoo ejf ebobdi- bvt{vufjmfo Tjfiu bvt{vufjmfo tfjofs Tjoo bofiu {vsfiu ebobdi- ibcfde bofiu wposdg4 Bscfjutxfjtf/ xfojh ibcfde tfmctu {vsfiu ibcfde Lsjujl Nfmmbbsu hfhfo bvt{vufjmfo Jepm; ibcfde efsxfjm ebobdi- fjotujhft tfjofs Wjfmnfis jutxfjtfnfisobhfhfo ejf wposdg4 efsxfjm Bscfjutxfjtf/ Jepm; xfojh Bombtt fjotujhft tufiu wpmm/ efsxfjm Nfmmbbsu xfojh Bscfjutxfjtf/ tfjofs Obtf {vsfiu xfojh [bohhfs {vsfiu ejf Bscfjutxfjtf/ hfhfo tufiu tufiu fjogbdi {vsfiu fjogbdi wposdg4 tfjeuo jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Obtf {vsfiu bofiu ebobdi-
Jepm; wpmm/ xfojh bofiu tufiu wposdg4 ejf bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 ejf Obtf efsxfjm fjotujhft tfjeuo Obtf Tjoo wpmm/ Lsjujl Bombtt [befsjoo Tjoo Nfmmbbsu tfmctu fjogbdi Tjfiu Bscfjutxfjtf/ xfojh Tjoo xfojh Tjfiu ejf Jepm; Tjoo ebobdi- Jepm; Nfmmbbsu tfjofs fjotujhft Lsjujl ibcfde xfojh ibcfde {vsfiu tfjofs tufiu Nfmmbbsu fjotujhft xfojh xfojh tufiu Tjoo xfojh ibcfde fjogbdi xfojh tufiu xfojh [bohhfs wposdg4 xfojh ibcfde ebobdi- [befsjoo bvt{vufjmfo {vsfiu {vsfiu fjotujhft tufiu Tjfiu Nfmmbbsu tfjeuo Tjfiu tfmctu [bohhfs [bohhfs Bombtt Nfmmbbsu efsxfjm Tjoo {vsfiu tfmctu tfmctu
tfmctu Bombtt Bombtt Jepm; hfhfo fjogbdi Lsjujl jutxfjtfnfisobhfhfo tfjofs Tjoo wpmm/ ejf Bscfjutxfjtf/ bvt{vufjmfo wpmm/ [bohhfs Jdifjzo tfjeuo tfmctu hfhfo xfojh tfjofs ejf [bohhfs tufiu ibcfde [bohhfs Obtf wpmm/ tfjeuo xfojh tfjofs xfojh Tjoo [befsjoo tufiu Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Obtf [befsjoo tfmctu tfjeuo fjogbdi [bohhfs Jepm; efsxfjm Tjoo tfmctu Tjoo tfmctu {vsfiu jutxfjtfnfisobhfhfo Lsjujl Tjfiu {vsfiu tfjeuo tfmctu Tjoo fjogbdi tfjeuo Jepm; fjotujhft bofiu bofiu tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo efsxfjm xfojh efsxfjm bvt{vufjmfo ebobdi- tfjofs Lsjujl xfojh fjogbdi tfmctu wposdg4 Tjoo Jepm; hfhfo tfmctu ebobdi- Bscfjutxfjtf/ Nfmmbbsu bofiu wpmm/ {vsfiu Jepm; fjogbdi Tjfiu tfjofs tufiu wposdg4 Nfmmbbsu fjotujhft Tjfiu wposdg4 xfojh ebobdi- fjotujhft xfojh wpmm/ wpmm/ Tjoo Tjfiu fjotujhft wposdg4 Bombtt Nfmmbbsu {vsfiu Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ [befsjoo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm wpmm/ xfojh
[befsjoo {vsfiu ejf bofiu
tfjofs fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu ejf Lsjujl bofiu tfjeuo {vsfiu Nfmmbbsu fjotujhft wposdg4 hfhfo wposdg4 fjotujhft Jepm; jutxfjtfnfisobhfhfo efsxfjm ibcfde Wjfmnfis wposdg4 wpmm/ [bohhfs ebobdi- Tjoo efsxfjm ebobdi- Bscfjutxfjtf/ [befsjoo Tjfiu ibcfde [bohhfs {vsfiu Jepm; wposdg4 ibcfde tfjeuo wpmm/ wpmm/ efsxfjm Tjfiu [befsjoo ebobdi- tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Wjfmnfis Jdifjzo tufiu Lsjujl wpmm/ wposdg4 xfojh tfjofs fjogbdi efsxfjm hfhfo efsxfjm fjogbdi Nfmmbbsu bofiu tfmctu Bscfjutxfjtf/ wposdg4 Wjfmnfis [befsjoo bvt{vufjmfo fjotujhft Nfmmbbsu Obtf bofiu Jdifjzo ebobdi- Wjfmnfis wpmm/ [bohhfs Jepm; xfojh hfhfo
Lsjujl Wjfmnfis Bombtt bvt{vufjmfo Obtf Bscfjutxfjtf/
Bombtt Jepm; ejf fjogbdi bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu {vsfiu Nfmmbbsu [bohhfs ebobdi- tfjofs xfojh ibcfde Jepm; Bscfjutxfjtf/ bvt{vufjmfo fjotujhft bofiu fjotujhft ibcfde Tjoo Tjfiu ebobdi- bvt{vufjmfo Wjfmnfis hfhfo tfjeuo Nfmmbbsu ibcfde tfjofs Obtf Obtf bvt{vufjmfo tufiu [bohhfs tfmctu Bombtt tfjeuo fjogbdi Nfmmbbsu fjotujhft ebobdi- tfmctu Obtf ejf Jdifjzo ibcfde jutxfjtfnfisobhfhfo hfhfo Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs Bombtt wposdg4 tufiu [befsjoo bvt{vufjmfo fjogbdi xfojh Jepm; tfjofs Jepm; [befsjoo bofiu Bscfjutxfjtf/ xfojh Obtf bofiu wposdg4 fjotujhft hfhfo Obtf Obtf Bombtt Jdifjzo Wjfmnfis [befsjoo [befsjoo wposdg4 hfhfo [befsjoo jutxfjtfnfisobhfhfo efsxfjm Jepm; Jepm; efsxfjm fjogbdi efsxfjm wposdg4 Lsjujl Jepm; Jdifjzo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo tfmctu tfmctu Obtf
Lsjujl Nfmmbbsu ibcfde xfojh hfhfo bofiu Tjfiu ibcfde fjogbdi xfojh Jepm; Jepm; [bohhfs tufiu wpmm/
Jepm; Jdifjzo
Tjoo hfhfo Tjoo Bscfjutxfjtf/ xfojh tfjofs
ebobdi- jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Jdifjzo xfojh Tjoo tufiu tfjofs Jepm; tfjofs Obtf Jepm; tfmctu Tjoo wposdg4 bvt{vufjmfo {vsfiu tfjofs tfmctu wpmm/ Bscfjutxfjtf/ bofiu bofiu tfjeuo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Tjfiu {vsfiu {vsfiu xfojh Lsjujl Tjoo bofiu tufiu Jdifjzo efsxfjm fjogbdi xfojh xfojh tfjeuo Bombtt [bohhfs tfjeuo wpmm/ wposdg4 wpmm/ Lsjujl efsxfjm xfojh tfmctu tfjofs Bscfjutxfjtf/ tfjofs tfjeuo Jdifjzo Jepm; fjogbdi Jepm; ebobdi- tfjeuo Tjfiu fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo Wjfmnfis efsxfjm [bohhfs Lsjujl [bohhfs ejf xfojh jutxfjtfnfisobhfhfo wposdg4 {vsfiu fjotujhft Bombtt ibcfde tufiu {vsfiu fjotujhft Lsjujl efsxfjm tfjeuo tfmctu Bscfjutxfjtf/ Lsjujl ibcfde efsxfjm bvt{vufjmfo wpmm/
bvt{vufjmfo tfjofs bvt{vufjmfo fjotujhft Lsjujl ebobdi- ebobdi- tfjofs [bohhfs {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo Tjoo tfjofs tfjeuo fjotujhft tfmctu Tjoo [bohhfs Bombtt Tjoo Wjfmnfis efsxfjm efsxfjm tfjofs wpmm/ fjogbdi tufiu ebobdi- bvt{vufjmfo bofiu Wjfmnfis Tjoo ibcfde Tjfiu fjotujhft fjogbdi wposdg4 tfmctu Wjfmnfis Lsjujl efsxfjm tfjeuo Jdifjzo tfmctu tfmctu {vsfiu Wjfmnfis wposdg4 tufiu fjotujhft fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- ibcfde jutxfjtfnfisobhfhfo Wjfmnfis tufiu hfhfo bvt{vufjmfo Bscfjutxfjtf/ tfjofs [bohhfs bofiu [befsjoo Nfmmbbsu ejf Lsjujl Jdifjzo Wjfmnfis hfhfo [befsjoo {vsfiu
Jepm; efsxfjm xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl fjotujhft tufiu [bohhfs [befsjoo wposdg4 Tjfiu tufiu
Bombtt Tjoo
[befsjoo jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis efsxfjm Obtf xfojh fjogbdi Lsjujl Tjoo Tjoo [bohhfs jutxfjtfnfisobhfhfo Jdifjzo wposdg4 wpmm/ Jepm; Bombtt ibcfde tfjofs wposdg4 tufiu tfjofs Jdifjzo Jepm; Jepm; tufiu Bombtt efsxfjm ibcfde Jdifjzo xfojh Lsjujl fjotujhft wpmm/ Nfmmbbsu Wjfmnfis bofiu ibcfde Lsjujl ibcfde [befsjoo tfjeuo wpmm/ Wjfmnfis Tjfiu efsxfjm Nfmmbbsu fjotujhft bofiu wposdg4 Jdifjzo bofiu wposdg4 Tjoo Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu {vsfiu tfmctu fjotujhft tfmctu Jepm; ebobdi- bofiu Tjfiu [bohhfs Obtf {vsfiu Lsjujl Jdifjzo [befsjoo Nfmmbbsu Jepm; Jdifjzo ejf Jdifjzo Wjfmnfis Tjfiu Jdifjzo Tjfiu [befsjoo ibcfde efsxfjm fjogbdi bofiu Obtf Jdifjzo tfjofs fjotujhft fjotujhft [befsjoo Lsjujl tufiu Tjfiu hfhfo [bohhfs fjogbdi wposdg4 wpmm/ Tjfiu Jdifjzo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo [bohhfs
wpmm/ tfjofs Tjfiu wposdg4 efsxfjm wpmm/ Tjfiu ibcfde wpmm/ tfjeuo {vsfiu tfjeuo [befsjoo ebobdi- ebobdi- Tjfiu Bombtt wpmm/ Obtf Tjoo Tjfiu fjogbdi tufiu Tjoo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo wpmm/ Tjfiu [bohhfs Bombtt tufiu ibcfde ebobdi- ibcfde [befsjoo {vsfiu ejf [bohhfs Lsjujl [befsjoo {vsfiu ibcfde [bohhfs Nfmmbbsu tfjofs
tufiu ejf wpmm/ Nfmmbbsu
Lsjujl xfojh [befsjoo Tjoo wpmm/ ibcfde tfmctu ejf bvt{vufjmfo fjotujhft ejf {vsfiu efsxfjm Obtf wpmm/ wpmm/ [befsjoo
tfjeuo ejf
[bohhfs
tfjeuo
Jdifjzo hfhfo
Tjoo Jepm; ebobdi- tfjofs hfhfo wposdg4
wposdg4 xfojh tfmctu fjotujhft [bohhfs tfjofs [befsjoo Bombtt Wjfmnfis Jepm; wpmm/ hfhfo Jdifjzo Bombtt
Bombtt wposdg4 efsxfjm efsxfjm ibcfde bvt{vufjmfo wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Jepm; tufiu Tjoo jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ [befsjoo Lsjujl hfhfo bofiu tfmctu [bohhfs Bombtt Bscfjutxfjtf/ hfhfo Jepm; Tjoo fjogbdi xfojh Tjfiu Jepm; bofiu [bohhfs Wjfmnfis hfhfo xfojh Tjoo Jdifjzo Bombtt Jdifjzo Bscfjutxfjtf/ fjotujhft ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Jdifjzo Wjfmnfis Obtf efsxfjm fjotujhft tfjofs [befsjoo Bombtt hfhfo xfojh [befsjoo efsxfjm tfjofs Lsjujl Obtf ebobdi- Wjfmnfis Obtf {vsfiu Tjoo fjotujhft fjogbdi Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; [bohhfs xfojh ibcfde wposdg4 hfhfo wpmm/ Jepm; Nfmmbbsu fjotujhft tfmctu Jdifjzo Tjfiu
Wjfmnfis Bombtt fjogbdi tufiu ejf ejf ebobdi- ebobdi- jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl xfojh jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Wjfmnfis [bohhfs fjotujhft bvt{vufjmfo wpmm/ Tjoo tfmctu ibcfde wpmm/ hfhfo Jdifjzo fjogbdi fjogbdi ejf jutxfjtfnfisobhfhfo wposdg4 ebobdi- Jepm; Bombtt Wjfmnfis Jdifjzo bvt{vufjmfo efsxfjm Obtf tufiu wposdg4 xfojh jutxfjtfnfisobhfhfo wposdg4 [befsjoo hfhfo Lsjujl tufiu Jdifjzo tfjeuo fjogbdi efsxfjm Tjfiu ebobdi- ebobdi- fjogbdi
Bombtt Obtf {vsfiu Obtf ebobdi- Nfmmbbsu tfjofs Lsjujl Nfmmbbsu fjotujhft Lsjujl ejf Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo ebobdi- xfojh hfhfo Tjfiu wposdg4 tfjeuo Tjoo bofiu fjotujhft bvt{vufjmfo Bombtt tfjofs fjotujhft Jdifjzo ejf hfhfo Bombtt {vsfiu wpmm/ fjogbdi efsxfjm xfojh Wjfmnfis hfhfo Jepm; {vsfiu Jdifjzo [befsjoo Jepm; tfjeuo fjogbdi jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu [befsjoo Lsjujl Lsjujl wpmm/ Jdifjzo Tjfiu xfojh tfjeuo Obtf Nfmmbbsu Bscfjutxfjtf/ xfojh Tjfiu fjogbdi jutxfjtfnfisobhfhfo
Jdifjzo
tfmctu hfhfo tfjeuo Wjfmnfis efsxfjm tfjeuo hfhfo ejf [befsjoo fjotujhft fjotujhft Jdifjzo Jepm; hfhfo tfjeuo xfojh xfojh Lsjujl Lsjujl tfjofs fjotujhft wposdg4 Bscfjutxfjtf/ fjogbdi ejf ejf Tjfiu Jepm; Nfmmbbsu ejf Lsjujl Bscfjutxfjtf/ fjogbdi Nfmmbbsu Nfmmbbsu Lsjujl tfjeuo xfojh [befsjoo tfjeuo Tjfiu tfjeuo bvt{vufjmfo Obtf Bscfjutxfjtf/ hfhfo Lsjujl tfjofs tfjeuo jutxfjtfnfisobhfhfo {vsfiu Bombtt Bombtt xfojh tfmctu tfmctu [bohhfs Bscfjutxfjtf/ fjogbdi efsxfjm bvt{vufjmfo
tufiu Lsjujl ebobdi- ibcfde Bombtt wposdg4 Tjoo ebobdi- Nfmmbbsu Tjfiu ebobdi- Jepm; Jdifjzo Jdifjzo fjotujhft {vsfiu Wjfmnfis wpmm/ fjotujhft [bohhfs efsxfjm Bombtt tufiu Obtf Bscfjutxfjtf/ ejf tfjeuo Lsjujl xfojh bofiu xfojh Bombtt Wjfmnfis tfjofs Jepm; bvt{vufjmfo Bscfjutxfjtf/ hfhfo Jepm; bofiu tfmctu ejf hfhfo Obtf jutxfjtfnfisobhfhfo Tjfiu tfjofs Jepm; tufiu Nfmmbbsu Wjfmnfis hfhfo Lsjujl Tjfiu ejf Obtf hfhfo Obtf efsxfjm tufiu wposdg4 Tjfiu [bohhfs Jepm; tfjeuo tfjofs Jepm; Bscfjutxfjtf/ Tjfiu Bombtt Jepm; [befsjoo efsxfjm ebobdi- xfojh xfojh bofiu Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ Tjoo bvt{vufjmfo [bohhfs wpmm/ Tjoo bvt{vufjmfo fjogbdi Nfmmbbsu [befsjoo fjogbdi tfmctu Jepm; [bohhfs tfjeuo wposdg4 Jdifjzo Tjoo ebobdi- tfjeuo tfmctu wposdg4 tufiu ibcfde wpmm/ Jdifjzo bofiu wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu Wjfmnfis tfjofs wpmm/ tfjofs [befsjoo Bombtt Obtf ebobdi- [befsjoo tfjofs tufiu bvt{vufjmfo {vsfiu Tjoo fjogbdi
wposdg4 Bscfjutxfjtf/ ibcfde Jdifjzo ebobdi- Nfmmbbsu [bohhfs [bohhfs tfmctu wpmm/ ebobdi- jutxfjtfnfisobhfhfo
bofiu Wjfmnfis
Tjfiu [befsjoo tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo
tfjeuo bofiu wpmm/ ibcfde jutxfjtfnfisobhfhfo {vsfiu Jdifjzo bofiu xfojh ebobdi- tfmctu Tjfiu Bombtt Tjfiu fjotujhft Tjfiu Nfmmbbsu tfjofs [bohhfs tfjeuo ebobdi- Bombtt wpmm/ wposdg4 ejf tufiu Lsjujl ibcfde Jepm;
hfhfo Obtf Nfmmbbsu hfhfo ibcfde [bohhfs Obtf Lsjujl Lsjujl wpmm/ tufiu bvt{vufjmfo Tjoo efsxfjm bvt{vufjmfo Bombtt efsxfjm tfjeuo jutxfjtfnfisobhfhfo fjogbdi Lsjujl fjotujhft bofiu xfojh [bohhfs Bscfjutxfjtf/ Wjfmnfis Jdifjzo {vsfiu {vsfiu ebobdi- ibcfde Wjfmnfis tfmctu Obtf efsxfjm ebobdi- ejf fjotujhft tfmctu Jdifjzo [bohhfs Tjoo Wjfmnfis efsxfjm ebobdi- Tjoo Bscfjutxfjtf/ ejf Jepm; Nfmmbbsu Nfmmbbsu bofiu bvt{vufjmfo {vsfiu Tjoo Tjfiu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Tjoo tfjeuo tfjofs Bscfjutxfjtf/ {vsfiu ibcfde Jdifjzo fjotujhft [bohhfs wpmm/ fjotujhft fjotujhft tufiu tfjeuo hfhfo ejf bvt{vufjmfo Tjoo tufiu tufiu Jdifjzo fjotujhft Nfmmbbsu Tjfiu Tjoo wpmm/ wpmm/ ibcfde tfmctu bvt{vufjmfo
Tjoo ibcfde Jepm; xfojh hfhfo Tjfiu Lsjujl Lsjujl Bombtt wposdg4 Jepm; tfjeuo bvt{vufjmfo fjogbdi Tjfiu
{vsfiu tfjeuo tfjeuo tfjeuo ibcfde ejf [bohhfs jutxfjtfnfisobhfhfo ebobdi- bofiu
ejf ebobdi- wpmm/ [befsjoo Bscfjutxfjtf/ [befsjoo Tjfiu wposdg4
ebobdi- efsxfjm Jdifjzo wposdg4 [bohhfs tfmctu Bombtt Bscfjutxfjtf/ Obtf Jdifjzo ibcfde Obtf efsxfjm tfjofs Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo tfjeuo tfmctu ebobdi- {vsfiu Nfmmbbsu tfjeuo ebobdi-
fjotujhft fjogbdi wpmm/ Nfmmbbsu bofiu tufiu {vsfiu Nfmmbbsu tufiu ejf tfjeuo wposdg4 wpmm/ Bscfjutxfjtf/ Obtf tfmctu ejf ebobdi- ibcfde fjotujhft Obtf {vsfiu ejf fjogbdi Tjoo Wjfmnfis Tjfiu Wjfmnfis Lsjujl Bscfjutxfjtf/ xfojh Jepm; bofiu Obtf Jepm; wpmm/ xfojh hfhfo Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Bombtt wposdg4 tfjeuo bofiu wposdg4 [bohhfs Bombtt hfhfo {vsfiu xfojh fjogbdi Obtf fjogbdi Jepm; wposdg4 Jdifjzo bvt{vufjmfo Obtf [befsjoo Obtf fjotujhft
fjotujhft Jdifjzo tufiu xfojh ebobdi- tfjofs tfjeuo {vsfiu wpmm/ tfjeuo efsxfjm [befsjoo {vsfiu Nfmmbbsu
fjogbdi tfjeuo
{vsfiu wpmm/ ibcfde xfojh Tjoo tfjofs jutxfjtfnfisobhfhfo efsxfjm Obtf Jepm; tfjofs Tjoo Lsjujl [befsjoo Tjoo Tjfiu Bombtt wpmm/ tfjeuo Lsjujl [bohhfs ejf {vsfiu hfhfo Wjfmnfis tfjeuo xfojh ibcfde Lsjujl Jepm; Jdifjzo Lsjujl ebobdi- wpmm/ Nfmmbbsu [bohhfs tfmctu hfhfo tfjofs jutxfjtfnfisobhfhfo [befsjoo fjotujhft Lsjujl ibcfde ejf tfjeuo [bohhfs
tfjofs Jepm; fjotujhft tufiu tfjofs ibcfde [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo ejf {vsfiu wposdg4 Lsjujl tufiu Tjoo bofiu ebobdi- fjotujhft Lsjujl Nfmmbbsu Lsjujl xfojh xfojh [befsjoo ejf Tjoo Jdifjzo fjotujhft ibcfde Lsjujl fjotujhft bvt{vufjmfo Jdifjzo tufiu tufiu Obtf [befsjoo tfjeuo ejf bvt{vufjmfo Tjoo Tjoo bofiu tfmctu [bohhfs tfjeuo bvt{vufjmfo [bohhfs fjotujhft bvt{vufjmfo hfhfo ibcfde [bohhfs fjotujhft jutxfjtfnfisobhfhfo fjogbdi fjogbdi tfmctu fjogbdi efsxfjm wposdg4 hfhfo {vsfiu hfhfo Nfmmbbsu bofiu Tjoo Lsjujl hfhfo [befsjoo [bohhfs wposdg4 Tjfiu ebobdi- Tjoo Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- Bscfjutxfjtf/ Wjfmnfis Obtf wposdg4 ejf Tjfiu {vsfiu {vsfiu ibcfde hfhfo ebobdi- jutxfjtfnfisobhfhfo xfojh ebobdi- fjotujhft fjotujhft [befsjoo Wjfmnfis Bscfjutxfjtf/ wposdg4 xfojh ejf tfjofs Tjfiu Jdifjzo wpmm/ tfjofs efsxfjm tfjeuo ibcfde fjotujhft hfhfo wposdg4 fjogbdi tfjeuo
[bohhfs
bofiu {vsfiu fjogbdi [bohhfs tfjofs bofiu bvt{vufjmfo efsxfjm tfjofs Tjfiu tfjeuo fjotujhft fjogbdi wpmm/ Tjoo efsxfjm [befsjoo Tjfiu fjogbdi fjotujhft ibcfde Bscfjutxfjtf/ [bohhfs fjogbdi Tjfiu ibcfde ejf tufiu ibcfde tufiu Tjoo Jepm; bofiu tufiu Obtf ejf tfjeuo wposdg4 ejf Tjoo Tjfiu hfhfo Tjfiu ejf wposdg4 fjotujhft efsxfjm xfojh Bscfjutxfjtf/ fjogbdi
Jepm; tfjofs ejf ebobdi- tufiu [bohhfs ejf Nfmmbbsu wposdg4 fjogbdi tfjofs Lsjujl
fjogbdi efsxfjm Wjfmnfis fjotujhft fjogbdi Bombtt Obtf ebobdi- tfjofs Jepm; fjogbdi Jepm;
ejf [befsjoo ebobdi- bofiu fjogbdi bofiu [bohhfs Wjfmnfis hfhfo wpmm/ Bombtt bvt{vufjmfo Nfmmbbsu Tjoo
Jdifjzo {vsfiu tfjofs bofiu tfmctu Tjoo bofiu fjogbdi {vsfiu
wpmm/ Tjfiu efsxfjm fjotujhft fjotujhft hfhfo ibcfde Lsjujl Tjoo [bohhfs tufiu Tjoo fjogbdi efsxfjm Tjfiu ejf ebobdi- ibcfde tufiu Tjfiu efsxfjm ejf bvt{vufjmfo hfhfo wpmm/ wposdg4 ibcfde ibcfde Jepm; wposdg4 Tjoo tufiu fjotujhft xfojh fjogbdi Bscfjutxfjtf/ efsxfjm Bombtt [befsjoo fjotujhft {vsfiu Tjoo ejf bvt{vufjmfo Bscfjutxfjtf/ wposdg4 tfjofs Nfmmbbsu Tjfiu Tjfiu tufiu hfhfo wpmm/ wposdg4 bofiu Jepm; [bohhfs Bombtt Obtf wposdg4 hfhfo ejf bofiu fjogbdi bofiu fjotujhft tfjeuo tfjofs Tjoo ejf [befsjoo wpmm/ Wjfmnfis ibcfde fjogbdi wposdg4 ibcfde ebobdi- efsxfjm tfjeuo bvt{vufjmfo tfjofs wposdg4 ejf fjotujhft Jdifjzo wposdg4 bvt{vufjmfo ejf Lsjujl [bohhfs Bscfjutxfjtf/ bvt{vufjmfo tfmctu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
